Forged and Stamped Goods Market Definition
The forged and stamped goods market consists of sales of forged and stamped metal goods by entities (organizations, sole traders and partnerships) primarily engaged in manufacturing forgings from purchased metals; manufacturing metal custom roll forming products; manufacturing metal custom roll forming products; manufacturing metal stamped and spun products (except automotive, cans, coins); and manufacturing powder metallurgy products. Establishments making metal forgings, metal stampings, and metal spun products and further manufacturing (e.g., machining, assembling) a specific manufactured product are classified in the industry of the finished product. Metal forging, metal stamping, and metal spun products establishments may perform surface finishing operations, such as cleaning and deburring, on the products they manufacture.
Forging is the process of shaping metal using compressive, localized forces, into high strength parts. Stamping is the process of converting flat metal sheets into specific shapes.
Forged And Stamped Goods Market Competitive Landscape
The forged and stamped goods market is relatively fragmented with the top ten competitors commanding significant share of the total market in 2018. Players in the market include Thyssenkrupp AG, Arcelor Mittal AG, American Axle & Manufacturing Holdings, Precision Castparts, and Allegheny Technologies Incorporated (ATI).
China, Japan, India, Australia, USA, Brazil, UK, Germany, France, Spain, Italy, Russia
Forged and Stamped Goods Market Size
The global forged and stamped goods market was worth $255.43 billion in 2018, accounting for 0.31% of the gross world product (GWP) and at a compound annual growth rate (CAGR) of more than 5.6% since 2014.
Growth in the historic period resulted from high demand from the automobile manufacturing industries and economic growth in emerging economies. Factors that negatively affected growth in the historic period were volatile metal prices and unsteady demand from the machinery manufacturing industries.
Going forward, government initiatives and growing demand from the aerospace and defense industries will drive growth. Factors that could hinder the growth of this market in the future include an expected rise in interest rates, reductions in free trade and increasing availability of alternative products.
Forged and Stamped Goods Market Drivers
The Key drivers of the forged and stamped goods market include:
High Demand For Automobiles - High demand for automobiles in the historic period proved to be a driver for the forged and stamped goods market. In 2017, the double digit increase in the consumer demand for automobiles in emerging economies such as Russia, Thailand and Argentina comparing to the number in 2016 increased the sales of automobiles by 2.4% despite offset declines in significant markets such as the USA, the UK, Mexico and South Korea. The automotive industry is the major end-user industry of the forged and stamped goods market as major components in automobiles such as rods, transmission shafts and gears, differential gears, drive shafts, clutch hubs, and universal joints are forged from metals such as steel, iron and aluminum. The rise in the demand for automobiles in developing countries within the Asia-Pacific, Eastern Europe and Latin America regions drove the market for forged and stamped goods.
Forged and Stamped Goods Market Restraints
The key restraints on the forged and stamped goods market include:
Unsteady Demand For Machinery Manufacturing – Unsteady demand from the industry`s major downstream markets, including agricultural machinery manufacturing and mining machinery manufacturing, limited the growth in the revenues of the manufacturers of forged and stamped goods. The sales numbers in terms of value for agriculture, construction, and mining machinery manufacturing showed a 4% decrease during 2015-2016, followed by the stabilization of the market in 2017 , leading to the limited growth in the revenues generated by the forged and stamped goods market in the same period. The instability in demand for agricultural and mining machinery manufacturing restrained the growth of the forged and stamped goods market.
Forged and Stamped Market Trends
Major trends influencing the forged and stamped goods market include:
Digital Thermomechanical Analysis
Forged and stamped goods manufacturers are using digital thermomechanical processing (TMP) to prevent metal-flow defects and for material-use optimization. TMP combines mechanical or plastic deformation processes such as forging and rolling with thermal processes such as hot working, cold working, and other types of thermal and heat treating techniques into a single process. Digital design modelling reduces scrap by 50%, eliminates potential defects and allows the forging products to be produced on a smaller press. This enables comprehensive analyses of microstructure evolution, failure prediction and heat-treatment modelling. Other benefits of TMP include improved data storage and increased data processing speeds. Companies such as Aloca are using digital thermomechanical process (TMP) for production of forged and stamped goods.
Integration Of IoT With Forging Technology
Companies in the forged and stamped goods market are integrating IoT technology in the forging processes to increase production efficiencies. IoT is a network of physical devices that are accessible through the internet. IoT integration increases the efficiency of manufacturing processes by making corrective decisions in real time, based on a pre-programmed set of rules, without human intervention. In March 2018, Bharat Forge, a leading Indian forging manufacturer adopted ThingWorx IoT platform from PTC, a computer software company, to monitor its manufacturing operations and increase production efficiencies.
Recommendations In The Forged and Stamped Market
Opportunities - The top opportunities in the global forged and stamped goods market will arise in the powder metallurgy and part manufacturing segment which will gain $29.9 billion of global annual sales by 2022. Also, the top opportunities in this market will arise in the automotive end use industry which will gain $42.3 billion of global annual sales by 2022. The forged and stamped goods market size will gain the most in China at $41.1 billion. Market-trend-based strategies for the forged and stamped goods market include implementation of technologies in the manufacturing processes, integration of 3D technology to enhance products, and adoption of automation to improve manufacturing process and save time and costs for the forged and stamped goods manufacturers.
Player-adopted strategies in the forged and stamped goods industry include expanding into newer geographies, focusing on expanding product portfolios through acquisitions and mergers, improving the products offered with the focus on product development, and expanding the manufacturing facilities to cater to the increasing demand.
Recommendations – To take advantage of these opportunities, The Business Research Company recommends the forged and stamped goods companies to collaborate across verticals and industries to manufacture better products, adopt 3D printing and automation technologies to improve production, expand in emerging markets, and promote the products through social media, among other strategies.
Forged and Stamped Goods Market Segmentation
The forged and stamped goods market is segmented by product type, by end use Industry, and by geography.
By Product Type –
The forged and stamped goods market can be segmented by product type into
By End Use Industry -
The forged and stamped goods market can be segmented by the end use Industry into
- a) Iron and Steel Forging
- b) Nonferrous Forging
- c) Custom Roll Forging
- d) Powder Metallurgy Part Manufacturing
- e) Metal Crown, Closure, And other Metal Stamping
By Geography -
The forged and stamped goods market can be segmented by the geography into
- a) Automotive
- b) Construction
- c) Food& Beverages Packaging
- d) Machinery
- e) Metal Products
- f) Others
- a) Asia Pacific
- b) North America
- c) South America
- d) Western Europe
- e) Eastern Europe
- f) The Middle East
- g) Africa
Forging and Stamped Competitive Landscape
Major Competitors are:
Other Competitors include:
- • Thyssenkrupp AG
- • Arcelor Mittal AG
- • American Axle & Manufacturing Holdings
- • Precision Castparts
- • Allegheny Technologies Incorporated (ATI)
- • CHW Forge
- • Bharat Forge
- • Ramkrishna Forgings Limited
- • MM Forgings
- • Ahmednagar Forgings
- • Electrosteel
- • Jayaswal Neco
- • Ganesh Forgings
- • Amforge
- • AMTEK
- • TDF Corporation
- • Hefei Shihua Pipe Fitting Co.
- • Jiangyin Liaoyuan Forging And Stamping Co.
- • Wenzhou Lianggong Forging Co.
- • Overall Forge Pty Ltd
- • Australian Brass Forgings Pty Ltd
- • Doosan Heavy Industries
- • E. J. Hadaway Pty Ltd
- • Staetite Fasteners
- • Townley DropForge
- • CGC Kymon Pty Ltd
- • Schuler Group
- • Brooks Forgings
- • Mahindra Forgings Europe
- • Siempelkamp
- • Mechel
- • Chelyabinsk Forge-and-Press Plant
- • Kirovsky Zavod
- • Kovstar
- • Ellwood Group
- • ATI Ladish Forging
- • FRISA
- • General Dynamics Ordnance & Tactical Systems
- • Aichi Forge USA
- • Advanced Machine Design Company
- • Ajax Tocco Magnethermic Corp.
- • Thyssenkrupp AG
- • Dana Inc.
- • CIE Automotive
- • Bharat Forge Limited
- • Nanjing Automobile Forging Co.
- • India Forge & Drop Stampings Ltd.
- • Ramkrishna Forgings
- • Meritor Inc
- • Steel Forgings Gulf
- • Iran Tractor Forging Company (ITFCO)
- • Carmel Forge
- • Alborz Forging Industrial (AFI)
- • SP Metal Forgings
- • Frankwen Forge
- • Bensch Forge